SpectraSite Inc. said it has purchased 191 wireless communications towers from affiliates of SBC Communications for $50 million in the final closing in its commitment to acquire SBC’s leasehold and sub-leasehold interests.
In all, SpectraSite purchased 319 SBC towers for $84 million.
“We are pleased that we have completed our purchase contract with SBC and are delighted by the quality of the assets we have acquired,” said Stephen Clark, president and chief executive officer of SpectraSite. “On average, the 319 towers were acquired at less than 10 times current-year adjusted EBITDA multiples. Given the major metropolitan market concentration of the 3,025 towers we have acquired from SBC since Dec. 14, 2000, we have every expectation that the SBC portfolio will continue to perform exceptionally well.”
“With the completion of the last SBC closing we now expect to begin executing under our $175 million stock repurchase program, which we announced on July 28, 2004,” Clark added.
Shares of SpectraSite are currently trading at $42.17.
